AUD/USD Feb.25-US Dollar lower against Aussie on Oil Price

The Australian Dollar was higher again Thursday against the US Dollar which is lower against other currencies following a surge in oil prices .

The Aussie was trading at 1.0095 up 0.66% at the time of this writing.

Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie started the day lower against the US Dollar, then climbing to 1.0118 by late afternoon trading. The Aussie then leveled off, consolidating to 1.0095 as of this writing.
• Current range: 1.0005 – 1.0120
• Further levels: Below: 1.0042, 1.0056, 1.0064 Above: 1.0086, 1.0100, 1.0108
• AUD / USD likely to find support at today’s low of 0.9967, and resistance at 1.0152.

AUD/USD Fundamentals

• 08:30   US         Prelim GDP q/q       Exp. 3.3%      
• 08:30   US         Prelim GDP Price Index q/q       Exp. 0.3%    
• 09:55   US         Revised UoM Consumer Sentiment       Exp. 75.5
• 09:55   US         Revised UoM Inflation Expectations         3.4%    
• 13:30   US         FOMC Member Yellen Speaks

* All times are GMT.

For the major events due later in the week, see the  AUD/USD forecast.

AUD/USD Sentiment

• The US dollar was lower against major currencies today amid concerns over the violence in Libya and its potential effect on global oil supplies. This has led to a surge in oil prices today.
• The US economy is continuing to exhibit signs of recovery, but at the same time showing signs of uncertainty, with this week’s jobless claims falling more than expected and at the same time US New Home sales and durable goods orders both fell more than expected.
• While there is inherent uncertainty in the Aussie from a technical standpoint, there is also continued sentimental uncertainty following the spread of unrest in the Middle East to additional nations, and the uncertain fallout that this will have on the region in particular and the global economy as a whole.

Currensee Community: 93% are short, 7% are long. 405 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.